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USD/JPY may get help from ISM sub index

FXStreet (Moscow) - USD/JPY touched almost 7-year high at 112.97 on Monday open, and is still trading not far from it retreating to current 112.89.

The last week was full of interesting events, and the coming one is going to be exciting as well, given the potentially market-moving economic reports scheduled for release. The Non-Farm Payrolls this Friday is going to be the key release, and the market may have started to position for the event already today, trying to guess the outcome. The scheduled for today Manufacturing ISM may provide confirmation of the strength of the economy, and give a boost to the pair in case of stronger Employment sub index. The initial target to the upside now may be located at 113.49.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 111.33; initial support levels at 110.17, 108.02 and 106.86 with resistance above at 113.49,114.65 and 116.80. Hourly Moving Averages are bullish, with the 200SMA bullish at 108.43 and the daily 20EMA bullish at 108.29. Hourly RSI is bullish at 76.

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